Dennis Gartman, founder of The Gartman Letter, warned of an imminent 5 to 10 percent correction on stocks:
"You should be aware of the fact that a correction is probably setting in and that this could be a bit more than a 2 or 3 percent correction, that perhaps something along the lines of 5 to 10 percent is upon us, and I think you need to be very, very careful"
One of the reasons for a deeper then antecipated correction is the fact that good news are already prices in:
"All of the good news, all of the anticipation of good news, probably is incumbent in prices already, and the ability to be surprised to the upside as far as earnings are concerned, I think, is relatively limited"
Dennis Gartman is also noting a quiet and subtle chance in market psychology. Gartman told CNBC earlier today,
"The markets' recent lack of reaction to economic data is a quiet and subtle change in psychology more than anything else."
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